Saxo Market Call Dancing away from the brink into quarter end
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Sep 29, 2025 Markets are in a positive mood, with treasury yields stable and crypto bouncing back. The potential US government shutdown looms as pivotal economic data approaches. Sharp rallies in silver and gold signal risk appetite, while Japan's leadership contest could influence the yen. The UK faces political uncertainty affecting its gilt market, and the Germany-France yield spread raises Eurozone concerns. Lastly, the attention economy may be contributing to civic fragmentation, highlighting systemic risks in trading structures.
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Correlated Calm Supports Risk Rally
- Risk sentiment has improved because US Treasury yields failed to breach key resistance and crypto recovered from breakdown tests.
- Dollar strength eased as correlated factors (yields, crypto, liquidity) moved away from destabilizing levels.
Silver's Rapid Run Feels Like Risk-On
- Silver has seen a rapid, large price advance, trading into record-adjacent territory and showing aggressive momentum.
- John Hardy suggests silver may behave like a risky asset and could react sharply in a broader market correction.
LDP Race Could Trigger Yen Volatility
- Japan's LDP leadership contest could drive yen volatility depending on the winner's fiscal stance.
- A more fiscally aggressive winner could pressure yields and the yen if markets view fiscal policy as undermining credibility.